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Summary Self studying Notes for Blockchain Technology( Beginner & Intermediate)
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Self studying Notes for Blockchain Technology( Beginner & Intermediate)
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Self studying Notesfor Blockchain
Technology(
Beginner &
Intermediate)
,Introduction to Blockchain – II (History)
We will look into the historical perspective of blockchain and how this concept
of blockchain evolved over time and utilised in to different applications. The
concept is cryptographically secured hash function. This kind of hash function is
used widely in cryptographic context and then we call this kind of. hash function
they have another important property called avalanche effect. The avalanche
property of this cryptographically secured hash function is as follows , say given
an input whenever you are computing the digest , if you make some little
change in the digest you will see a significant change in that digest. This
particular effect in cryptographically secure hash function it is known as
, avalanche effect. It ensures that just by looking into the digest it is nearly
impossible to guess what was the input. Harber and Stornetta have used this
concept of chain of blocks to solve this particular problem. They have taken a
parameters like ah the initial number the initial say in what order the people
have accessed. So , it has started from 0 1 2 3 , then ah ah corresponding ah
change value the ah constructs.
The concept of chain of blocks by connecting them by the hash function that
was used to cryptographically securing the timestamp value of a digital
document. So , this particular architecture looks like something similar to
blockchain where you have multiple blocks of data and this blocks are
connected by a hash value. That way this individual hash values are helping to
connect the blocks one after another and making the block as tamper proof.
That was the first use of this concept of the chain of. the markle tree. The
concept of merkle tree was actually used in 1992 by extending the work where
the earlier people in 1991 they have developed a chain kidd of architecture to
secure the time stamp values in a digital document. The root value if there is any
change in any one of these 4 documents , then that change will get reflected in
the root value. Another use full of the concept is the implementation of th e
Bitcoin. Bitcoin worked as the foundation behind ah this white spilt popularity of
blockchain concept. Bitcoin is completely decentralised where no central
authority like a bank or a government will have control over the currency. The
current Bitcoin price I have just recorded itin on 15th March 2018 at 10 p m and
the value is fluctuating significantly over days. Bitcoin is used as a cross country
untraceable currency because there is no government control or the centralised
control.
Bitcoin price increased that it reached on around 20,000 dollar in the earlier of in
the last of last year and first month of this year and then right now , we are just
observing deep in the price. So , if you look into the blockchain size or
blockchain worked as the backbone of this Bitcoin architecture. So, ah the size of
the blockchain is actually growing exponentially. So , this is an example Bitcoin
wallet. So , Alice gives the address of Bob here and then provides the money to
transfer and then he press the send button. Then the wallet ah it constructs ah
the transaction. Then it signs the transaction made by Alice and broadcast it
over the network. So, this network node they validate the transaction based on
the existing blockchain. Now that is another interesting fact about blockchain.
The miners they construct a new block and tries to connect it with the existing
blockchain through some kind of cryptographic hash computation. So , in a
blockchain concept as I have mentioned earlier that every block is connected to
the next block through some cryptographic hash function say this is B 1 and B 2.
So, this hash problem which is given to the miners is a computationally difficult
problem and that computation is difficult problem every miner needs to solve.
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